President Obama's 'Buffett Rule'
- Thread starter hornpharmd
- Start date
ProdigalHorn
10,000+ Posts
Well imagine this. AP factchecked Obama's claim that the middle class families pay higher taxes than millionaires and that Buffeett secretary shouldn't pay a higher tax rate than he does.
from link
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty straightforward. It's hard to argue against that."
The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. That, however, was less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
and
"Warren Buffett's secretary shouldn't pay a higher tax rate than Warren Buffett. There is no justification for it," Obama said. "It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million."
Buffett wrote in a recent piece for The New York Times that the tax rate he paid last year was lower than that paid by any of the other 20 people in his office.
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.
Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes."
and
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
and
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150."
"The Tax Policy Center estimates that 46 percent of households, mostly low- and medium-income households, will pay no federal income taxes this year. Most, however, will pay other taxes, including Social Security payroll taxes."
The Link
from link
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty straightforward. It's hard to argue against that."
The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. That, however, was less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
and
"Warren Buffett's secretary shouldn't pay a higher tax rate than Warren Buffett. There is no justification for it," Obama said. "It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million."
Buffett wrote in a recent piece for The New York Times that the tax rate he paid last year was lower than that paid by any of the other 20 people in his office.
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.
Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes."
and
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
and
"The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150."
"The Tax Policy Center estimates that 46 percent of households, mostly low- and medium-income households, will pay no federal income taxes this year. Most, however, will pay other taxes, including Social Security payroll taxes."
The Link
ProdigalHorn
10,000+ Posts
majorwhiteapples
5,000+ Posts
President Obama is changing the conversation from Spending to Revenue generation.
The amount of Spending by this government is out of control.
Waste in the Federal Government is out of Control.
When those two items are reigned in, I would be glad to talk about tax rates/loopholes/breaks etc.
Spending is the issue.
This can be addressed by forcing all of the high paid government department heads to change budgeting philosphies from Zero Based to Performance Based budgeting.
Zero based is the lazy manager way of budgeting, take last years budget and add 6%.
Performance Based Budgeting requires some mathmatical comprehension and crunching numbers to determine what is needed in your department for that year, sometimes it takes a few weeks or months to develop these numbers.
The amount of Spending by this government is out of control.
Waste in the Federal Government is out of Control.
When those two items are reigned in, I would be glad to talk about tax rates/loopholes/breaks etc.
Spending is the issue.
This can be addressed by forcing all of the high paid government department heads to change budgeting philosphies from Zero Based to Performance Based budgeting.
Zero based is the lazy manager way of budgeting, take last years budget and add 6%.
Performance Based Budgeting requires some mathmatical comprehension and crunching numbers to determine what is needed in your department for that year, sometimes it takes a few weeks or months to develop these numbers.
Namewithheld
2,500+ Posts
It is amazing but typical from this POTUS that he says things in a speech that turn out not to be true.
is it that he is so arrogant he thinks people won't check his "facts"?
or are he and his minions such incompetents?
is there any other explanation for this latest inaccuracy?
is it that he is so arrogant he thinks people won't check his "facts"?
or are he and his minions such incompetents?
is there any other explanation for this latest inaccuracy?
Namewithheld
2,500+ Posts
MWA-
YEEEESSSSSSSSS!!!!!
YEEEESSSSSSSSS!!!!!
BrothaHorn
1,000+ Posts
The white gloves are off.
Mayor Bloomberg Sunday slammed billionaire investor Warren Buffett's call for higher taxes on the super-rich, dismissing it as political theater.
"The Buffett thing is just theatrics," Hizzoner said speaking on NBC's "Meet the Press."
In August, Buffett - known as "The Oracle from Omaha" - said he forked over a little less than $7 million in taxes last year, which added up to roughly 17% of his income.
That percentage was lower than the secretaries in his office, he pointed out.
Bloomberg said Buffett's use of the figures was a bit of a smoke and mirrors game.
"If Warren Buffett made his money from ordinary income rather than capital gains his tax rate would be a lot higher than his secretaries. And in fact a very small percentage of people in this country pay a big chunk of the taxes," the billionaire mayor argued.
A following Associated Press review revealed that millionaires on average pay 29.1% of their income in taxes.
Bloomberg said a more comprehensive look at the numbers was needed.
"I think a lot of it is just theater. I think that it's more than a sound bite economic policy and we should look at what the real data is rather than just go and say one guy pays more than his secretary or doesn't."
In reiterating his call for everyone to pay added taxes, Bloomberg said it is difficult to define which tax brackets people fall into.
"You can't define what's the middle class, what is wealthy, what is poor," he said. "Every time you have a jump, people play games to get on one side or another, and I think it's not fair to say that wealthy people don't pair their fair share."
The mayor has advocated for a plan that would entail a two- or three-percent tax hike across the board.
"For the average person that's $150 bucks. For the wealthy it's a lot of money. But that's the only way you are going to get something through Congress."
Mayor Bloomberg Sunday slammed billionaire investor Warren Buffett's call for higher taxes on the super-rich, dismissing it as political theater.
"The Buffett thing is just theatrics," Hizzoner said speaking on NBC's "Meet the Press."
In August, Buffett - known as "The Oracle from Omaha" - said he forked over a little less than $7 million in taxes last year, which added up to roughly 17% of his income.
That percentage was lower than the secretaries in his office, he pointed out.
Bloomberg said Buffett's use of the figures was a bit of a smoke and mirrors game.
"If Warren Buffett made his money from ordinary income rather than capital gains his tax rate would be a lot higher than his secretaries. And in fact a very small percentage of people in this country pay a big chunk of the taxes," the billionaire mayor argued.
A following Associated Press review revealed that millionaires on average pay 29.1% of their income in taxes.
Bloomberg said a more comprehensive look at the numbers was needed.
"I think a lot of it is just theater. I think that it's more than a sound bite economic policy and we should look at what the real data is rather than just go and say one guy pays more than his secretary or doesn't."
In reiterating his call for everyone to pay added taxes, Bloomberg said it is difficult to define which tax brackets people fall into.
"You can't define what's the middle class, what is wealthy, what is poor," he said. "Every time you have a jump, people play games to get on one side or another, and I think it's not fair to say that wealthy people don't pair their fair share."
The mayor has advocated for a plan that would entail a two- or three-percent tax hike across the board.
"For the average person that's $150 bucks. For the wealthy it's a lot of money. But that's the only way you are going to get something through Congress."
You know Brotha,
Verifiable facts only get in the way of a good Lib/Dem rant
and their rant now is that the rich pay less than middle class
and the Ruch should pay more
Interestingly so far not ONE. NOT ONE " rich" whi is begging to pay more has actually done that. Not one
That plant from google? did he coluntarily pay more?
Nope
how about Buffett. did he voluntaruly pay more/ Hell no
and infact his company owes half a bill in back taxes.
bill Gates? nope
Any Hollywood whiner? Not a one
Pure BS theater.
Verifiable facts only get in the way of a good Lib/Dem rant
and their rant now is that the rich pay less than middle class
and the Ruch should pay more
Interestingly so far not ONE. NOT ONE " rich" whi is begging to pay more has actually done that. Not one
That plant from google? did he coluntarily pay more?
Nope
how about Buffett. did he voluntaruly pay more/ Hell no
and infact his company owes half a bill in back taxes.
bill Gates? nope
Any Hollywood whiner? Not a one
Pure BS theater.
hornpharmd
5,000+ Posts
BrothaHorn
1,000+ Posts
Nice try Pharm, but being mayor of NYC is a pretty big gig. I'd say comparable to being a governor of a small state. Heck, NYC seems like a city-state at times. And it dang sure gives him a better idea than some podunk congressional rep. Not to mention, he is a pretty successful business man in his own right.
Uninformed
5,000+ Posts
I35
5,000+ Posts
At this point we are at the worst financial crisis The US of A have faced in modern history.
Housing Market (plunging again)
US credit rating (lost triple AAA rating first time in history)
Insurance up 9% average per family in 2011
Unemployment (a distaster)
Poverty all time low
Deficit in 3 years more than all the other presidents put together.
2008 to present Millionares with over 10 million down 55%
The country is more divided than ever before.
How can anybody defend our cummunity organizer. He has no clue how the economy works. Let's face it, he has zero leadership skills. He is 100 times worse than who use to be the worst in Jimmy Carter.
We are Greece if he is elected for four more years
Housing Market (plunging again)
US credit rating (lost triple AAA rating first time in history)
Insurance up 9% average per family in 2011
Unemployment (a distaster)
Poverty all time low
Deficit in 3 years more than all the other presidents put together.
2008 to present Millionares with over 10 million down 55%
The country is more divided than ever before.
How can anybody defend our cummunity organizer. He has no clue how the economy works. Let's face it, he has zero leadership skills. He is 100 times worse than who use to be the worst in Jimmy Carter.
We are Greece if he is elected for four more years
Ag with kids
2,500+ Posts
hornpharmd
5,000+ Posts
Ag with kids
2,500+ Posts
hornpharmd
5,000+ Posts
Why not?
Ag with kids
2,500+ Posts
So, we should raise taxes for shits and giggles?
hornpharmd
5,000+ Posts
Uninformed
5,000+ Posts
Are we talking about the Obama plan to tax those making over a million, Buffet's plan to tax the super wealthy or Bloomberg's plan to increase taxes on everyone?
Ag with kids
2,500+ Posts
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